KuCoin Ordered to Stop New EU Business Over Compliance Staffing Issues

The cryptocurrency exchange KuCoin has been instructed to suspend onboarding new customers from the European Union. This directive comes from regulatory authorities citing significant shortfalls in the exchange's compliance staffing. The move highlights increasing regulatory scrutiny on crypto platforms operating within the EU, emphasizing the need for robust anti-money laundering (AML) and know-your-customer (KYC) frameworks. Existing KuCoin users in the EU are reportedly unaffected and can continue using the platform. The exchange must address these compliance deficiencies before it can resume new client acquisitions in the region, marking a pivotal moment for its European expansion strategy.